Africa’s list of millionaires is increasing by the day. And majority of people that make up that list are African Generation X and millenials, who are typically under 40. Despite the huge unemployment figures in Africa, there’s still a crop of youth who have taken advantage of entrepreneurship opportunities and managed to carve a niche for themselves as the continent’s fast growing multi-millionaires. A sizable number of these millionaires have interest in technology, communications, manufacturing and financial services.
Here is a list of 3 African millionaires under 40that have worked so hard to gain their status:
Ashish Thakkar, 36, Ugandan
Ashish Thakkar is the CEO and co-founder of Mara Group, which has interest in banking, IT, real estate, manufacturing and agriculture. The company currently boasts of more than 8,000 employees and enjoys presence in 21 countries, 19 of which are African countries. Mara Group’s annual turnover is more than $100 million and the company is valued at a figure slightly above $1 billion. Thakkar set up his first business of importing and selling computer parts, when he was just 15 years old, after dropping out of school. He says he was motivated to start the business because his parents lost their wealth in 1993 Rwandan genocide, which led them to flee to Burundi and later Uganda. According to Bloomberg’s Billionaire Index, Thakkar’s net worth was around $425 as of January 2017.
Vinny Lingham, 34, South African
Lingham is no doubt one of the leading tech exports in South Africa and the African continent at large. His companies, incuBeta and Click2Customers, which he founded in 2003 offer online marketing services and search engine marketing respectively. The two companies have offices in a number of cities including Cape Town, Los Angeles and London. Click2Customer’s annual revenue is estimated to be about $100 million. He also owns a number of multi-million dollar companies including Yola Inc, Lingham Capital and Gyf, which have elevated his millionaire status even more.
Jason Njoku, 37, Nigerian
Jason Njoku is the CEO and co-founder of iROKO Partners, one of the largest distributors of African entertainment across the world. In 2010, Njoku founded iROKO with his friend Bastian Gotter at an investment cost of $150,000. The Group received $8 million in 2011 from Tiger Global as venture capital, which helped it to launch its stand-alone video-on-demand platform iROKOtv.
The streaming service drew viewers from 178 countries, generating annual revenue of $1.3 million in the same year. iROKOtv has enjoyed lucrative dealswith Amazon, Vimeo, Dailymotion and iTunes. As of 2012, Njoku’s net worth was approximately